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Comment: We can only watch and wait…

Harpal-Singh-700.jpg

I do not foresee any short-term impact from Trump’s victory but the longer-term effect is much more difficult to predict

I am still in shock over Donald Trump’s victory in the US election. As leader of the most powerful nation in the world, he will have huge responsibility and, given the nature of his campaign, I have more than a pang of anxiety about what is to come.

That said, I felt the same way post EU referendum and, despite there being a long way to travel in terms of Brexit, I am not as pessimistic about the UK’s future as I was in the immediate aftermath of the vote. Indeed, from a market perspective I believe we will soon see some semblance of stability and normality.

The first positive peg to hang our collective hat on was Trump’s victory speech. It was surprisingly grown up and talked about uniting the country. “What else would he say?” you may think. But in the light of his campaign rhetoric I do not think this was a given.

Second, we are still two months from the start of Trump’s presidency and we await his policies. It is clear he will need a lot of support and one would not be surprised to see him take this from all sides.

Third, let’s not argue with democracy. This was a decisive win and Trump has a mandate and a majority in both the Senate and the House of Representatives, although it is anyone’s guess whether they will want to support him. Indeed, they may act as a much-needed brake. We await the direction of travel he intends to take.

From a UK perspective,I suspect Trump will value the ‘special relationship’. I do not foresee any short-term impact but the longer-term influence is much more difficult to predict.

Harpal Singh is managing director of Broker Conveyancing

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